Visa and Mastercard have offered to cut merchants' charges for non-EU credit and debit cards by at least 40% to end an EU antitrust investigation, part of a long crackdown by the European Commission against such fees.

Tiffany & Co’s sales in the United States and Hong Kong took a hit in the latest quarter as Chinese tourists spent less than expected, sending the jewelry maker’s shares down nearly 8 percent on Wednesday.

Visa and Mastercard have offered to trim the fees merchants pay on card payments by tourists in the European Union in an attempt to stave off possible fines after a long-running antitrust investigation.